As of 10:59 am, the KSE-100 Index reached 60,659.14, showing a gain of 847.80 points or 1.42% from the previous closing of 59,811.34.
KARACHI: (UrduPoint/Pakistan Point News-Nov 28th, 2023) In a historic development, the pakistan stock exchange (psx) achieved a significant milestone on Tuesday as the benchmark KSE-100 Index crossed the 60,000 mark.
This remarkable surge occurred following the signing of multiple memorandums of understanding (MoUs) between Pakistan and the United Arab Emirates (UAE) the day before.
Caretaker Prime Minister Anwaarul Haq Kakar, currently on a visit to the UAE, announced the signing of multi-billion Dollar MoUs aimed at enhancing economic and strategic cooperation between the two nations. According to Kakar, these agreements mark the beginning of a new era of bilateral cooperation.
The foreign direct investment (FDI) resulting from these developments is anticipated to not only revitalize the economy by expanding existing businesses but also create new opportunities. This influx of investment is crucial in mitigating the challenges posed by the record-high inflation, providing relief to individuals affected by the cost-of-living crisis and generating much-needed job opportunities.
As of 10:59 am, the KSE-100 Index reached 60,659.14, showing a gain of 847.80 points or 1.42% from the previous closing of 59,811.34.
While various factors contribute to the ongoing surge in stocks, the influx of foreign Currency is considered a significant driving force.
